The Bored Ape Yacht Club is a collection of tens of thousands of NFTs.
Celebrities like Eminem, Serena Williams, Stephen Curry, Shaquille O’Neal, and Justin Bieber bought at least one of the Bored Ape Yacht Club’s non-fungible tokens.
According to trading data, the Bored Ape Yacht Club traded $1.4 billion on the OpenSea marketplace, amounting to 466,000 on Ethereum value.
Why are the Bored Ape Yacht Club’s NFTS so expensive?
The NFTs made by the BAYC is the new sensation among celebrities. That is one of the causes of the increment in their prices.
Having a BAYC gives you status, and people like that specific recognition, especially if you belong to the upper-class circle.
“Some careers require a person to be relevant, so what better way to do that than owning the most well-known NFT in the world,” said Yehudah Petscher, a strategist at NFT data aggregator CryptoSlam.
“BAYC is cool, and everyone wants the cool thing.”
However, the real value is the membership access to the Bored Ape Yacht Club.
After acquiring one of their NFTs, users qualify automatically for the BAYC.
The Bored Ape Yacht Club is “a digital club with members-only access and benefits.”
Some of those benefits are
-Access to THE BATHROOM, a collaborative graffiti board that’s only accessible to MetaMask wallets holding Bored Apes.
-Exclusive Discord server
– Access to additional NFTs
– Access to the ApeCoin cryptocurrency
Buying one Bored Ape Yacht Club NFT gets you to access to a whole NFT world and crypto-assets.
“This is what makes BAYC so strong,” said Yehudah Petscher.
“They capture a moment in time where NFTs were starting to become relevant in a mainstream way, and owning one is owning a piece of that moment.”